TORONTO—Sierra Wireless shares fell 33.8 percent on the Toronto Stock Exchange on 5 June, a day after the company cut its guidance for its second quarter and indicated sales from a key contract with AT&T Wireless Services would be significantly lower than expected.
Vancouver-based Sierra Wireless shares closed at a record low of C$6.55 (US$4.28) on the Toronto Stock Exchange. The shares have fallen 78.2 percent so far this year. They fell US$2.12 to US$4.28 on the Nasdaq Stock Market.
On Tuesday, the company said product approval delays of its AirCard 710 on the AT&T Wireless network had led to contractual issues between the two companies, which are now engaged in talks about revised contract terms. Sierra Wireless AirCards are wireless modems for portable computers and other mobile devices.
The delays in product approval and contractual issues have forced the company to remove US$30 million from its firm sales order backlog.
